India reportedly offers to cut tariffs gap by two-thirds to seal trade deal with the US | Forexlive

It is being reported that India is offering to slash its tariffs gap with the US to below 4% (currently 13%) in exchange for an exemption to Trump’s tariffs. To achieve that, India is said to be offering to reduce duties to zero on 60% of tariff lines in the first phase of the deal. This will help to reduce the average tariff differential between the two countries by about 9% in favour of the US.

For some context, India was slapped with an initial 26% tariffs before the 90-day pause as they run a large trade surplus of $45.7 billion with the US.

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